pbb Deutsche Pfandbriefbank has agreed a € 39 million medium-term acquisition facility for a fund advised by Meyer Bergman. The facility will be used to acquire a factory outlet center known as Prague Fashion Arena in Prague, Czech Republic. The transaction closed in April 2014.
The fund has acquired Fashion Arena Outlet Center from the Danish developer TK Development, who developed it in two phases between 2007 and 2010. Located in the Sterboholy area of Prague, Prague Fashion Arena is the only factory outlet center in the capital of the Czech Republic, and comprises 109 retail stores on more than 25,000 m² of net lettable area. It is leased to a number of International brands, including the likes of Nike, Adidas, Tommy Hilfiger, Lacoste, Mango, Mexx, Gant and Levis.
Charles Balch, Head of Real Estate Finance International, UK & CEE at pbb Deutsche Pfandbriefbank, said: "The Czech Republic, and Prague in particular, is a strong investment market within the CEE region. A number of transactions have already taken place this year, or are under way. pbb Deutsche Pfandbriefbank is pleased to support Meyer Bergman and their partners in this acquisition, and we are looking forward to working with them across a number of European markets where we are both active.”
Source: pbb Deutsche Pfandbriefbank